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How does AbelCine Finance Services differ from leasing companies?
When you work with Gotham Sound and AbelCine Finance Services, you have partners that understand the production industry. Since you’re working with us from beginning to end, the whole process is considerably streamlined.
We offer straightforward, consistently low monthly lease rates and end-of-term buyouts. Our financing terms are always clear and upfront. You will never find us or our lending partners charging “interim rent” or daily usage fees, additional payments that are sometimes buried in the fine print of lease documents.
My bank is offering a low rate; when should I consider using your financing?
Banks are great resources, but they have a limit on what they can approve for any one customer. Our financing provides an alternative source of capital and leaves bank lines free for other uses. In addition, the low rates charged by banks sometimes require additional collateral, like a second trust deed on real estate.
Often banks require a great deal of paperwork, and they may have a longer approval process. We understand the demands and time constraints of the production industry, so we aim to make the financing process as quick and easy as possible.
If you are approved, a bank will often have a clause in their documents putting a “blanket lien” on all equipment that you purchase. In comparison, the lenders we work with only put a lien on the specific equipment financed.
What interest rate will I be charged?
Equipment financing differs from bank loans in that it is 100% financing, with no down payment needed. There is no stated interest rate; instead you are guaranteed a set number of fixed monthly payments.
Can I pay off my financing contract early?
Yes. Although every lender handles this a bit differently, in general you can pay off your contract early. In most cases, however, it is best to go with the shortest term your cash flow can handle. You are responsible for all the payments for which you sign up, but we have negotiated favorable terms for paying contracts off early, after the first 12 months.
How do I qualify for financing?
A simple one-page application can be used to finance packages from $5000 – $150,000. Monthly term options are available from 12 to 60 months. For amounts greater than $150,000, custom programs and lines of credit are available. For more information, contact us at [email protected] or (866) 468-4268 and we'll work with one of AbelCine's Finance Service Consultants to get you the audio package you need.
How is sales tax handled?
AbelCine is a nationwide company that complies with all tax laws. These laws state that tax must be collected on all lease transactions. Some states provide exemptions to sales/use tax. If you qualify for these exemptions, please let us know and provide the proper tax form.
Do I need insurance?
Insurance is always required for the equipment you finance. The lender will need to be named as loss payee and additionally insured. Many lenders can include the insurance cost in your monthly payment.
